The U.S. Department of the Treasury released long-awaited guidance on the new implementation of the State Small Business Credit Initiative (SSBCI). The rules provide preliminary guidance to states, territories and Tribal governments on permissible uses of $9.3 billion in funds to support small business capital access.
This edition of SSTI’s Useful Stats examines the expected allocation of approximately $8.5 billion in State Small Business Credit Initiative (SSBCI) funding by state and allocation category based on the Department of the Treasury’s recent guidance update.
Benson Hill, a unicorn (a startup valued over $1 billion) that closed its deal to become a public company last week, was able to leverage several sources of public capital to accelerate its early success. The St. Louis-based agricultural technology company uses machine learning and genome editing to facilitate the production of sustainable and healthy crops.
Whether or not your state embraced strict measures in an attempt to reduce virus spread, the current pandemic has created the need for reflection and revision of how each of us go about our lives. The same opportunity has arisen for the public and private sectors to rethink how they engage in many core functions.
SSTI is making Addressing Capital Access in 2021, which had previously been available only to SSTI member organizations, publicly available. The paper is focused on helping states and their partners make the most of the opportunity presented by the newly-refunded State Small Business Credit Initiative (SSBCI 2.0), which provides $10 billion to states to support capital access.
This week, Treasury posted key dates for the State Small Business Credit Initiative, a $10 billion program funded in the American Rescue Plan Act. Per its website, Treasury intends to release the amount of funding available to each state by April 12; states will be required to submit a letter of intent to participate by May 10; and, final applications from states will be due by Dec. 11. The amount of funding available to Tribal governments will be released on May 10, with notices of intent to apply due June 11.
The American Rescue Plan Act, a $1.9 trillion spending package to address the ongoing health and economic impacts of COVID-19, was signed into law today. The legislation includes several initiatives that could strengthen regional innovation economies. Most notable among these is the $10 billion State Small Business Credit Initiative (SSBCI), $3 billion for the Economic Development Administration (EDA), and $350 billion for state and local government relief.
SSBCI Reauthorization